Allianz Asset Management GmbH Buys 304,036 Shares of Gen Digital Inc. (NASDAQ:GEN)

Allianz Asset Management GmbH boosted its stake in shares of Gen Digital Inc. (NASDAQ:GEN - Free Report) by 66.1% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 763,677 shares of the company's stock after purchasing an additional 304,036 shares during the quarter. Allianz Asset Management GmbH owned approximately 0.12% of Gen Digital worth $20,268,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in GEN. Allspring Global Investments Holdings LLC raised its stake in shares of Gen Digital by 132.2% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 599,821 shares of the company's stock worth $16,039,000 after buying an additional 341,533 shares in the last quarter. Mather Group LLC. raised its position in shares of Gen Digital by 26.6% during the first quarter. Mather Group LLC. now owns 3,730 shares of the company's stock worth $99,000 after purchasing an additional 783 shares during the period. Cornerstone Wealth Group LLC acquired a new stake in shares of Gen Digital during the first quarter worth $377,000. Wellington Management Group LLP grew its holdings in shares of Gen Digital by 98.8% during the fourth quarter. Wellington Management Group LLP now owns 114,699 shares of the company's stock valued at $3,140,000 after buying an additional 56,993 shares in the last quarter. Finally, Exchange Traded Concepts LLC grew its holdings in shares of Gen Digital by 52.4% during the first quarter. Exchange Traded Concepts LLC now owns 11,146 shares of the company's stock valued at $296,000 after buying an additional 3,830 shares in the last quarter. Institutional investors and hedge funds own 81.38% of the company's stock.

Insider Buying and Selling

In other Gen Digital news, Director Nora Denzel sold 31,646 shares of the company's stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $28.76, for a total value of $910,138.96. Following the completion of the transaction, the director owned 34,860 shares of the company's stock, valued at $1,002,573.60. This represents a 47.58% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 12.20% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on GEN. Barclays lifted their price target on Gen Digital from $30.00 to $32.00 and gave the company an "equal weight" rating in a report on Monday, July 14th. B. Riley began coverage on Gen Digital in a report on Monday, July 14th. They set a "buy" rating and a $46.00 price target on the stock. Wall Street Zen downgraded Gen Digital from a "strong-buy" rating to a "buy" rating in a research note on Saturday, July 5th. Royal Bank Of Canada boosted their target price on Gen Digital from $28.00 to $30.00 and gave the company a "sector perform" rating in a research note on Wednesday, May 7th. Finally, Evercore ISI began coverage on Gen Digital in a research note on Tuesday, July 1st. They issued an "outperform" rating and a $35.00 target price on the stock. Three investment analysts have rated the stock with a hold rating, three have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat.com, Gen Digital has an average rating of "Moderate Buy" and a consensus price target of $33.60.

Gen Digital Stock Down 0.6%

Shares of GEN traded down $0.19 during trading hours on Monday, hitting $30.43. 316,342 shares of the company were exchanged, compared to its average volume of 4,123,122. Gen Digital Inc. has a 52 week low of $22.74 and a 52 week high of $31.72. The company has a debt-to-equity ratio of 3.51, a quick ratio of 0.51 and a current ratio of 0.51. The company has a market cap of $18.87 billion, a PE ratio of 29.26, a PEG ratio of 1.12 and a beta of 1.01. The firm's 50 day moving average is $29.36 and its 200-day moving average is $27.69.

Gen Digital (NASDAQ:GEN - Get Free Report) last posted its quarterly earnings data on Tuesday, May 6th. The company reported $0.59 earnings per share for the quarter, topping the consensus estimate of $0.58 by $0.01. The business had revenue of $1.01 billion during the quarter, compared to analysts' expectations of $999.48 million. Gen Digital had a return on equity of 59.38% and a net margin of 16.34%. The firm's revenue was up 4.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.53 EPS. On average, equities research analysts forecast that Gen Digital Inc. will post 2.05 EPS for the current fiscal year.

Gen Digital Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 11th. Shareholders of record on Monday, May 19th were issued a $0.125 dividend. The ex-dividend date was Monday, May 19th. This represents a $0.50 annualized dividend and a yield of 1.64%. Gen Digital's dividend payout ratio (DPR) is 48.08%.

About Gen Digital

Gen Digital Inc engages in the provision of cyber safety solutions for consumers in the United States, Canada, Latin America, Europe, the Middle East, Africa, the Asia Pacific, and Japan. The company offers security and performance products under Norton, Avast, Avira, AVG, and CCleaner brands that provide real-time protection and maintenance for PCs, Macs, and mobile devices against malware, viruses, adware, and other online threats.